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N.D. leads nation in economic growth

BISMARCK–North Dakota leadsÂ the nationÂ in economic growth, with a 7 percent increase in gross domestic product last year, according to a national report.

Statistics releasedÂ by the U.S. Bureau of Economic AnalysisÂ show real gross domestic product increased in 48 states and the District of Columbia. Minnesota grew 3.2 percent.

Gross domestic productÂ isÂ the sum of what consumers, businesses and government spend on goods and services, plus investment and net foreign trade, a news release from the North Dakota Governor’s Office said.

â€œThese latest statistics help confirm that our efforts to create jobs and to sustain a positive business climate are getting results,â€ Gov. Jack Dalrymple said in a statement. â€œItâ€™s very encouraging that our growth stems from nearly every business sector and that no single industry tells the whole story of the great progress weâ€™ve made.â€

North Dakotaâ€™s economic growth is also reflected inÂ wholesale trade, retail trade, construction, transportation, manufacturing, agriculture, and the finance and insurance sectors, the U.S. Bureau of Economic Analysis reports.

The governor’s news release says other statistics that show the stateâ€™s economic progress include:

Â· Since 2000, North Dakota has created 47,900 new jobs, an increase of 14.6 percent. Nationally, the number of new jobs has declined by 1.49 percent over the same period.

Â· North Dakotaâ€™s average wage has increased by $13,444 between 2000 and 2010 – an increase of 54.47 percent. The most recent available data provided by the Bureau of Labor Statistics showsÂ the national average wage increased 30 percent between 2000 and 2009.

Â· The value of North Dakota exports totaled $2.5 billion in 2010, an increase of 303 percent from the stateâ€™s export value of $626 million in 2000.

Â· North Dakotaâ€™s per capita personal income has increased 58 percent since 2000, while the nationâ€™s per capita personal income has increased by 34 percent.